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The Real Deal Los Angeles

Appetite for construction: Developer plans to build new apartment in Koreatown

Plans for a 6-story apartment could utilize city incentizes
By Dennis Lynch | February 26, 2018 12:30PM

707 S. Berendo Street in Koreatown

A developer wants to build a six-story multifamily development in Koreatown, the latest in a steady stream of proposed new residential construction projects in that neighborhood.

The existing 12-unit apartment would be demolished to make way for the new construction at the corner of 7th and South Berendo streets, near the Robert F. Kennedy Community Schools campus. The proposed apartment building would include two levels of underground parking.

The property is owned by a limited liability corporation tied to Beverly Hills-based dentist Dr. Farshad Moftakhar, who purchased the property in 2005 for $1.1 million, records show. He could not be reached for comment.

The number of units in the proposed apartment was not disclosed, but the project is eligible for city transit-oriented community incentives. That would mean if approved, the development could have additional units than would be allowed under existing zoning laws.

A number of developers in Koreatown have taken advantage of that program, because of the neighborhood’s access to Metro bus and train lines.

Both large real estate firms, such as Jamison Services, and smaller single-asset owners in Koreatown have been bullish on residential redevelopment in recent years.